SecondSight, a Bloomington, IN-based emerged from stealth with the launch of the insurance industry's first AI-driven platform for 'inside-out' underwriting and an oversubscribed $3 million seed round of financing.
The round was led by Tim Crown, with participation from Indiana Ventures, Cook Ventures, and Flywheel Fund, among other investors.
SecondSight is the first AI-driven platform that brings telematics to digital risk. With a rapidly growing customer roster, SecondSight expects the new funding to accelerate market adoption and impact to cyber insurance industry.
"The cyber insurance gap is growing and the underwriting process for cyber insurance is getting increasingly more technical and time-consuming as requirements for getting coverage increase in complexity," said Reuben Vandeventer, CEO, and founder of SecondSight. "SecondSight was created to help businesses make sense of their digital assets — and find the true digital risk and value in them. Before SecondSight, the marketplace has had a million different viewpoints on cybersecurity and digital risk. SecondSight recognizes that cybersecurity and true digital risk are really about assets and liabilities. Digital risk is only meaningful and actionable for business stakeholders when it's connected to the bottom line. We founded SecondSight to offer a fundamentally different approach to underwriting that connects the entire digital risk ecosystem while offering a powerful autonomous system."
SecondSight goes beyond external risk control audits by inventorying and categorizing all digital assets, analyzing thousands of risk facets, and calculating dollarized impact.
Company: Second Sight Data Discovery, Inc.
Raised: $3.0M
Round: Seed Round
Funding Month: October 2022
Lead Investors: Tim Crown
Additional Investors: Indiana Ventures, Cook Ventures, and Flywheel Fund
Company Website: https://www.secondsight.ai/
Software Category: AI-driven platform for 'inside-out' underwriting
About the Company: SecondSight is an AI-driven platform for digital risk management and cyber underwriting. SecondSight has developed the insurance industry's first AI-driven platform for "inside out" underwriting. With SecondSight's platform for 'inside-out' underwriting, businesses and cyber insurance providers can see the true digital risk with complete clarity for the first time, enabling cyber insurance providers to quantify risk severity based on the digital assets and liabilities of an organization. SecondSight's platform autonomously discovers, classifies, and analyzes an organization's entire landscape of digital assets. SecondSight connects the entire digital risk ecosystem, fostering a shared understanding of true digital risk and establishing a common ground for improved collaboration among businesses, carriers, brokers, and the entire digital risk ecosystem.
Source: https://www.businesswire.com/news/home/20221012005483/en/SecondSight-Raises-Financing-Launches-Insurance-Industry%E2%80%99s-First-AI-Driven-Platform-for-%E2%80%98Inside-Out%E2%80%99-Underwriting